Cheapest Car Insurance Companies in Albuquerque, NM

State Farm has the cheapest car insurance in Albuquerque, charging $47 a month for minimum coverage.

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Key Takeaways

  • State Farm is the cheapest car insurance company in Albuquerque, charging $99 a month for full coverage and $47 a month for minimum coverage.
  • On average, Albuquerque drivers pay $169 a month for full coverage, slightly more than the statewide average of $152.
  • For minimum coverage, Albuquerque drivers pay $81 a month, on average — also more than the statewide average of $71.

In this article

The cheapest car insurance companies in Albuquerque, NM

State Farm is the cheapest car insurance option for nearly all drivers in Albuquerque. In fact, the company offers the lowest rates for:

  • Full and minimum coverage
  • Young drivers
  • Senior drivers
  • Married drivers
  • Drivers with incidents on their records

State Farm may be the cheapest car insurance company for you, but it also might be a different company. This is because rates are based on several factors, including the car you drive and your driving record.

To get your cheapest rate, compare auto insurance quotes from several different companies.

New Mexico car insurance state minimums

All drivers in New Mexico must carry at least 25/50/10 liability car insurance. This means their policies must have, at a minimum:

Coverage type State requirements
Bodily injury liability $25,000 per person / $50,000 per accident
Property damage liability $10,000 per accident

Drivers may add optional coverages for:

Cheapest minimum-coverage auto insurance rates in Albuquerque: State Farm

State Farm has the cheapest minimum-coverage car insurance in Albuquerque, offering premiums at an average cost of $47 a month.

Citywide, the average cost of minimum car insurance is $81 a month, so State Farm offers a 42% discount.

Insurance company Monthly rate
State Farm $47
Farm Bureau $62
GEICO $79
Progressive $99
Allstate $115
Farmers $128
USAA* $38
Rates are for minimum-coverage car insurance for a 35-year-old male with a good driving record. *Only available to current/former military and their families.

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Cheapest full-coverage auto insurance rates in Albuquerque: State Farm

State Farm also leads the way for full-coverage auto insurance, charging the city’s lowest average rate of $99 per month.

Overall, Albuquerque drivers pay $169 a month for full-coverage car insurance, meaning State Farm’s rates are 41% lower.

Full-coverage car insurance typically refers to policies with collision and comprehensive coverages as well as liability. No state requires full coverage, but lenders and lessors often do.

Insurance company Monthly rate
State Farm $99
GEICO $153
Farmers $207
Farm Bureau $207
Progressive $210
Allstate $232
USAA $78
Rates are for full-coverage car insurance for a 35-year-old male with a good driving record.

Cheapest car insurance in Albuquerque for drivers with bad credit: State Farm

State Farm is the cheapest car insurance company for drivers with bad credit, offering full coverage for $208 a month, on average.

In Albuquerque, the average full-coverage cost for a driver with bad credit is $263 a month — a good bit higher than the average of $169 for those with good credit. This is because drivers with bad credit are often seen as riskier for insurance companies to cover.

Insurance company Monthly rate
State Farm $208
GEICO $212
Progressive $298
Farm Bureau $311
Farmers $336
Allstate $339
USAA $134
Rates are for full-coverage car insurance for a 35-year-old male with poor credit and a good driving record.

Cheapest car insurance for drivers with a prior incident

State Farm is the best source of cheap car insurance for drivers with a prior incident, including those with speeding tickets, at-fault accidents and DUIs.

Cheapest for drivers with a speeding ticket: State Farm

Drivers with a speeding ticket should head to State Farm for cheap auto insurance, where the average monthly rate is $107.

Albuquerque drivers with a speeding ticket pay $207 per month, on average, for car insurance. That’s 23% more than the cost for drivers with clean records.

Insurance company Monthly rate
State Farm $107
GEICO $192
Farm Bureau $231
Allstate $259
Progressive $275
Farmers $287
USAA $98
Rates are for full-coverage car insurance for a 35-year-old male with one speeding ticket on his driving record.

Cheapest for drivers with an at-fault accident: State Farm

State Farm also has the cheapest car insurance for drivers with an accident on their record. For full coverage, the company charges $116 a month.

Citywide, the average rate for drivers with an at-fault accident is $254 a month, so State Farm offers a discount of over 50%.

Insurance company Monthly rate
State Farm $116
Farm Bureau $276
Farmers $290
GEICO $306
Progressive $324
Allstate $353
USAA $117
Rates are for full-coverage car insurance for a 35-year-old male with one at-fault accident on his driving record.

Cheapest for drivers with a DUI: State Farm

The cheapest auto insurance for drivers with a DUI comes from State Farm, which charges $107 a month. This is for full coverage; if you buy less coverage, your rate will be lower, too.

Overall, Albuquerque drivers with a DUI pay $300 a month, on average, for car insurance. That’s more than the cost for those with accidents or speeding tickets.

Insurance company Monthly rate
State Farm $107
Progressive $261
Farmers $278
Allstate $320
Farm Bureau $353
GEICO $628
USAA $156
Rates are for full-coverage car insurance for a 35-year-old male with one DUI on his driving record.

Cheapest car insurance for senior drivers: State Farm

Senior drivers looking for cheap car insurance should go to State Farm, where the average 65-year-old pays $91 a month for full coverage.

In Albuquerque, seniors typically pay slightly less than their younger counterparts do for car insurance. This is true in many cities, as seniors are seen by insurance companies as being reliable and experienced drivers.

Insurance company Monthly rate
State Farm $91
GEICO $156
Farm Bureau $185
Progressive $187
Farmers $223
Allstate $241
USAA $78
Rates are for full-coverage car insurance for a 65-year-old male with a clean driving record.

Get cheap car insurance regardless of your age

Cheapest car insurance for young drivers: State Farm

State Farm has the cheapest car insurance for young drivers in Albuquerque, too, charging $128 a month for minimum coverage and $177 a month for full coverage.

Young drivers are less experienced and therefore insurance companies consider them to be fairly risky. This is why, as in many cities, young drivers in Albuquerque pay quite a bit more than their older counterparts.

Insurance company Minimum coverage Full coverage
State Farm $128 $177
Farm Bureau $167 $352
Progressive $246 $666
GEICO $261 $519
Allstate $295 $647
Farmers $516 $846
USAA $83 $177
Rates are for an 18-year-old male with a clean driving record.

Cheapest car insurance for married drivers: State Farm

Married drivers will find the lowest car insurance rates at State Farm, which offers full coverage for $99 a month.

Married drivers pay an average of $160 a month for full-coverage policies in Albuquerque — slightly less than singles do.

Insurance company Monthly rate
State Farm $99
GEICO $159
Progressive $165
Farmers $197
Farm Bureau $205
Allstate $224
USAA $72
Rates are for full-coverage car insurance for a married 35-year-old male with a good driving record.

Car insurance laws in New Mexico

No-fault car insurance

New Mexico is an at-fault car insurance state rather than a no-fault car insurance state. This means the driver deemed responsible for an accident typically has to help pay for the victim’s costs and damages.

Financial Responsibility Insurance Certificate (SR-22)

An SR-22 form is a certificate that some states require for drivers who are returning from license suspensions or revocations. New Mexico, however, does not require those drivers to obtain an SR-22.

Albuquerque car insurance: FAQs

State Farm is the cheapest car insurance provider in Albuquerque, offering minimum coverage for $47 and full coverage for $99 a month.

Albuquerque drivers pay an average of $81 a month for minimum-coverage car insurance and $169 for full coverage.

New Mexico law requires drivers to carry 25/50/10 car insurance at a minimum. This means they must have at least $25,000 of bodily injury liability coverage per person, and $50,000 per accident, plus $10,000 of property damage liability coverage.

Methodology

The rates shown in this article are based on an analysis of more than 300,000 auto insurance quotes obtained from Quadrant Information Services for sample drivers from across Albuquerque, New Mexico.

Unless otherwise noted, our sample driver is a single 35-year-old with good credit. All sample drivers own a 2012 Honda Accord LX that they drive for an average of 13,500 miles per year.

Our senior base driver is a 65-year-old male with a good driving record. Our young base driver is an 18-year-old male with a good driving record.

Minimum-coverage rates reflect the cost of policies meeting the minimum liability limits required by the state.

Full-coverage policies include the following coverages, limits and deductibles:

  • Bodily injury liability: $100,000 limit per person/$300,000 limit per accident
  • Property damage liability: $100,000 limit
  • Collision: $500 deductible
  • Comprehensive: $500 deductible

Auto insurance by city

  • Albuquerque

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